Typically, there are very few changes to the domestic balance sheets in the U.S. Department of Agriculture's December World Agricultural Supply and Demand Estimates (WASDE) report, and this year was no different.
No changes were made to the corn or soybean balance sheets from a production or consumption point of view. This left the 2021-22 U.S. corn carryout at 1.49 billion bushels and the soybean carryout at 340 million bushels.
The trade has been expecting a slight decrease to corn ending stocks and a slight increase on soybeans. U.S. wheat carryout increased 15 million bushels from November and now stands at 598 million bushels as exports have slowed in recent weeks.
Only minimal changes took place to the global side of the report as well. Corn ending stocks increased 1.1 million metric tons and now stand at 305.5 million metric tons. World soybean reserves are now projected at 102 million metric tons, down 1.8 million metric...